Recent coverage in the Douglas County News Press and Parker Chronicle has highlighted the impact that the economic decline has had on the Parker Water and Sanitation District’s ability to satisfy its debt service for the construction of the Rueter Hess Reservoir.
To ease any concerns that residents of Castle Pines North may have about CPNMD’s involvement with the Rueter Hess Reservoir project, the Metropolitan District would like to assure our customers that our monies invested in this project are secure.
When agreements were finalized in 2008 with the Parker Water and Sanitation District to provide future water storage space in Rueter Hess Reservoir, PWSD elected to give CPNMD a storage easement deed in the reservoir. Language in the agreement states that the storage easement will not be terminated if the reservoir is not constructed nor completed. If the reservoir is not completed by the contractual date, CPNMD would at that time be able to access our investments.
The financial standing of CPNMD is very strong at this time and through diligent planning and forward thinking of past and current board members, we have placed ourselves in a position in which we are able to satisfy any outstanding debt obligations. Due to aggressive prepayment of long-term outstanding debt and a history of strong financial performance, last month Standard and Poors granted CPNMD a AA rating.
We trust that Parker Water and Sanitation District will weather this economic fallout we have all been experiencing and will be able to continue as anticipated with this very important project that will serve as a renewable water source to a large portion of Douglas County residents.
Please contact Jim McGrady, General Manager, at 303-688-8550, with any questions or concerns you may have. For more information - http://cpnmd.org/renewable_water.php
Wednesday, June 17, 2009
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